Using only 1 card

[Anonymous]

If you decide to use only 1 card, you could maximize reward earned on these cards:

Sallie Mae 2% cash back

https://www.salliemae.com/landing/signaturecreditcard/default.aspx?SRC_CODE=3IM2O8&TAC_CODE=KWC8FMKQ...

Fidelity amex 2% cash back

http://personal.fidelity.com/products/checking/content/amex_rewards_card.shtml?refpr=CMGTOC006

[hedgeclipper2]

---

@Anonymous wrote:

If you decide to use only 1 card, you could maximize reward earned on these cards:

Sallie Mae 2% cash back

https://www.salliemae.com/landing/signaturecreditcard/default.aspx?SRC_CODE=3IM2O8&TAC_CODE=KWC8FMKQ&PIT_CODE=209877702

Fidelity amex 2% cash back

http://personal.fidelity.com/products/checking/content/amex_rewards_card.shtml?refpr=CMGTOC006

---

I would love for Fidelity, but FIA hates me for some reason.  So in turn, I hate them back.

[Imhotrodcrazy]

I only use one credit card, it works for me.  I deal with US Bank and I have one cc, one LOC, along with my debit card obviously.  Both the cc and LOC have substantial credit lines so I don't have to worry about utility, but  I pay in full anyway. 

[gijoe4500]

I only have, and use, 2 cards.  I attempt to put everything on my cash rewards card, but since the limit isn't super high, whenever it gets close to my limit, I use my other card for a few days, while I'm waiting for my payment to post.  As soon as my payment has posted to my cash rewards card, i pay off the other card, and it goes back in my wallet until my cash rewards card is near max again, ready to be PIF.

[Anonymous]

Since this past summer, I closed 4 bank cards; two within the past two weeks.  I kept my Cap1 MC and my Disc. I have a Visa debit card. It makes no sense for me to have all of theise accounts and cards to manage when at the end of the day - my money is going coming out of the bank account to pay for merchandise, whe ther that be on one card, two, or three.  My Discover is my primarty card -  I use the MC, cash, or debit where Discover is not accepted.   This works perfectly well for me - and I do not miss these other accounts at all; they were not growing with me.  I do not have to keep checking different CC accounts making sure I pay this one or that one before the due date, sit around trying to figure out when to use this one or that one to gain rewards, etc; things are simpler, streamlined, and convenient.   I say go for it!

[clocktick]

smc, I completely agree with you.  Geez, my one set of parents don't even really use any cards and my other set goes back and forth between two = simpler.  I tend to overspend too with all the card usage.  Even if I didn't, it's taking up too much of my time paying bills from Barclays, Citi, Amex, Chase, Discover, etc., etc., etc. each and every month.  One or two cards is all I need and I feel like I wrote your original post!

It's up to you if you want to sock-drawer or close your cards.  I personally cannot wait to close some and make life simpler.  Less rewards - most likely, yes.  Less spending - definitely.

[Anonymous]

I agree with others that it depends upon what you get from the card. I just received Discover and Zync. Discover has the 5% cashback, so I have been using that for gas. AmEx Zync has the Eco Pack which gives me double membership rewards points for patroning eco-friendly establishments. I usually eat at Pret (a local natural/organic sandwich shop with many locations in NYC) and grocery shop at Whole Foods, so its beneficial for me to take advantage of those rewards in that way for the places I frequent anyway. You have to determine what your needs are and determine what card you have best meets those needs.

[Anonymous]

---

@smc733 wrote:

Hi all,

I am weighing a new idea here, which is to use only 1 card.  I often see people who have problems used many cards, etc...  And while that's all anecdote, I can say that I do feel like I can more easily manage my spending if I use just one card.  I'm not planning to close anything yet, as I will keep at least Amex and Citi around, but I was wondering what everyone thinks of just using my Chase Freedom for everything.  (I would still keep the Amex in my wallet), it would just be an easier way to keep track of everything.

Has anyone tried this?  What do you think?

PS.  Not to mention it would be easier to accumulate rewards this way...

---

Since getting my Freedom I've used it exclusively, except at Costco, but only because I don't have a BCP/BCE (I use AMEX Clear at Costco).  I do it because, as you said, it is easier to keep track of and of my cards, Chase Freedom has equal or better rewards.  However, if/when I do app for the BCE, I will use it for groceries, gas, and everywhere else that takes AMEX and is not one of the quarterly 5% Chase Freedom categories.  So for right now Freedom is my primary (99.9%) use card, but that will change once I get the BCE.

[boomhower]

If you have trouble keeping track of payments then just use one card, lates will kill you.  If you have multiple rewards cards it will benefit you in getting the most back by using whatever has the highest rate for where your shopping.  Now depending on your spending level it may not be worth the trouble, I get into that scenerio quite often.  It's not worth bouncing around several cards to a 2% card over the 1% for that one or two purchases that will get an extra $.20 cents back that month.

[Anonymous]

I just got approve for the fidelity investments amex card I app online and it said I had to call. Have one account that's CO but not belong to me but I can't get experian to delete it. They asked me about it I told them whats its from and they gave me $2500 limit.

I got a discover more card just a few days ago with 3k limit, but only because they didn't check experian, only equifax and TU.

Now I can just use my amex and discover cards only and toss my crappy cap1 chase and citicards in the desk drawer. Will probably keep the citi in the wallet even though it just has 800 limit.